Gold jeweller Joyalukkas India files IPO papers to raise Rs 2,300 cr

Kerala-based jewellery retailer Joyalukkas India has filed a draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi) to raise Rs 2,300 crore in fresh capital through an initial public offering (IPO) 

The company plans to use Rs. 1,400 crore of IPO proceeds for cutting debt and about Rs 464 crore for expanding operations, which includes opening eight new showrooms. Over the next two years, Joyalukkas plans to open new stores in Telengana, Maharashtra, Odisha and Karnataka.

At present, the company generates over 90 per cent of its revenues from southern states. 

Joyalukkas is founded by